Are you a member of the Vigilance Committee in a Condominium, do you know your obligations?
In order to carry out the agreements established in the general condominium owners' meetings, as well as to preserve the conservation, maintenance, and good operation of the condominium, the Vigilance Committee and the Administrator have certain faculties and obligations, which are established mainly in the articles of incorporation, the internal regulations, the law on the condominium property regime of each state and other applicable legal precepts.
These three governing bodies are part of the organic structure of the condominium regime, as shown in the following diagram:
The condominium owners' meeting is the supreme body of the condominium, which has the following main faculties and duties:
Appoint and remove the administrator and the members of the Vigilance Committee freely.
To specify the responsibilities of the administrator with respect to third parties.
Discuss and approve the expense budget for the following year.
Establish the maintenance fees to be paid by the condominium owners.
To take the appropriate action before the competent authorities when the administrator violates the applicable legal provisions.
Modify the condominium's articles of incorporation and administration regulations, in the cases and conditions that both provide for.
The Vigilance Committee's duties include, among others, the following:
To ensure that the administrator complies with the resolutions of the general assembly and other obligations established in the applicable legal provisions.
Verify the account statements to be rendered by the administrator before the meeting.
To report to the assembly its observations on the administration of the condominium.
Assist the manager in making observations to the condominium owners regarding the fulfillment of their obligations.
Likewise, the Administrator, who may be an individual or a legal entity, has, among others, the following faculties and duties:
It must keep a book of minutes of the meetings and a book of records of the creditors who express, within the first month after the claims have been constituted, or in January of each year, their decision to attend the meetings. He must keep as an appendix to said minutes the documents relating to the meeting, including the notice of meeting, attendance lists, certification of quorum by the scrutineers, and any power of attorney that may have been exhibited.
To care for and watch over the condominium property and common services.
To keep and maintain the books and documentation related to the condominium, which must at all times be available for consultation by the condominium owners and registered creditors.
To perform all acts of administration and conservation of the condominium.
Execute the resolutions of the assembly.
Collect maintenance fees, maintenance, administration and reserve funds, as well as issue receipts to each condominium owner for the amounts contributed.
To carry out the maintenance and administration expenses of the condominium.
To deliver monthly to each condominium owner a statement of account showing: a detailed list of the month's expenses, the amount of contributions and fees pending payment, as well as the balance of the maintenance and administration fund.
As can be observed, each governing body plays a fundamental role in the proper functioning of the condominium, not to mention the role of the external auditor, who as an independent entity, provides greater certainty about the internal control implemented, and the reasonableness of the financial figures presented at the condominium assembly.
If you require more information, please contact our team of professionals who will gladly advise you on the proper legal, accounting, tax and external audit compliance in your condominium.
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